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Partial Free Trade Agreements and Economic Welfare: Reconsidering GATT Article 24

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  • Michihiro Ohyama

Abstract

This paper generalizes the Kemp–Wan theorem on the customs union to cover partial and incomplete free trade agreements emerging all over the world and elucidates the conditions which ensure that they are potentially conducive to the economic welfare of member countries without harming the rest of the world. In the light of this generalization, it also reconsiders two well‐known conditions stipulated in Article 24 of the GATT required for the formation of FTAs.

Suggested Citation

  • Michihiro Ohyama, 2007. "Partial Free Trade Agreements and Economic Welfare: Reconsidering GATT Article 24," Review of Development Economics, Wiley Blackwell, vol. 11(4), pages 621-628, November.
  • Handle: RePEc:bla:rdevec:v:11:y:2007:i:4:p:621-628
    DOI: 10.1111/j.1467-9361.2007.00424.x
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    Cited by:

    1. Pedro Moncarz & Marcelo Olarreaga & Marcel Vaillant, 2016. "Regionalism as Industrial Policy: Evidence from MERCOSUR," Review of Development Economics, Wiley Blackwell, vol. 20(1), pages 359-373, February.
    2. Innwon Park & Soonchan Park, 2011. "Best practices for regional trade agreements," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 147(2), pages 249-268, June.

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